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Colossus Project Advances After Receiving Funding Interest from Canada, Support from France and Resources from BNDES, While Viridis Initiates Implementation of a Research Center Without Chinese Technology in Poços de Caldas
Viridis Mining & Minerals announced that the Colossus Project received a letter of interest for funding from Export Development Canada.
The Canadian government’s export credit agency could invest up to US$ 100 million for the development of the project located in Minas Gerais.
The announcement reinforces that the process will now move to a due diligence stage conducted by the Canadian government itself, with technical, financial, and credit analyses before final approval.
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According to CNN Brasil, the company highlighted that the support from a globally recognized agency has the potential to strengthen the project’s role in diversifying and securing Western supply chains of rare earth elements.
The announcement comes two weeks after the project was deemed eligible for funding from Bpifrance Assurance Export, the French government’s export credit agency.
French and Brazilian Support Expands Project’s Financial Base
Bpifrance Assurance Export acts as the financial arm of the French government and supports strategic projects through guarantees, loans, and export credit insurance.
The Colossus Project was included in the Garantie de Prêt Stratégique program, which offers partial sovereign guarantees on financing initiatives classified as of national and geopolitical interest for France and its partners.
The ion clay reserves of Colossus are rich in neodymium, praseodymium, terbium, and dysprosium.
The project has already received financial support from BNDES since July 2025, as part of a joint plan to promote projects related to strategic minerals in Brazil. The package includes credit lines aimed at research, innovation, and industrial structuring.
With the financial alignment between Brazil, Canada, and France, Viridis aims to finalize the investment decision and begin development of the project by the third quarter of 2026.
Research and Processing Center to Be Built in Poços de Caldas
The mining company also announced the construction of a research and processing center for rare earth elements in Poços de Caldas, without using technology or equipment from China.
The resources obtained from the French and Canadian governments will be directed to the construction phase and the bureaucratic steps related to research and environmental licensing.
The center will be located in the industrial park of Poços de Caldas, about 7 kilometers from the company’s mineral concessions.
The facility will serve for the experimental production of mixed rare earth carbonate, an intermediate step in the process of extracting these minerals. Operations are expected to begin in the second quarter of 2026.
Demonstration Unit and Qualification of Future Buyers
The plant will have the capacity to process 100 kilograms per hour of raw ore.
It will function as a demonstration unit aimed at validating technical parameters, optimizing operations, and preparing commercially for the development of rare earths.
The goal also includes generating product samples for the qualification of offtake partners, companies that can enter into pre-purchase contracts for future production.
The announcement comes amid increased export controls on rare earths by China. These chemical elements are essential for wind turbines, electric vehicles, chips, and defense equipment.
China dominates over 80 percent of global processing, and on October 9, it expanded restrictions, requiring authorization for the export of any product with traces of rare earths. Three weeks later, in an agreement with the United States, the Chinese backtracked on the decision.
Viridis’ Strategy Aims to Reduce Risks and Dependencies
The Chinese measure raised alarms in Western countries and enhanced the search for alternative suppliers, such as Brazil.
Viridis decided to exclude Chinese inputs and technology from its operations. According to the company, the decision is strategic and aims to avoid dependency risks arising from the new controls.
The mining company states that this stance ensures that the project is not exposed to delays, restrictions, or risks related to the Chinese supply chain.
The expectation is to establish Colossus as one of the few rare earth projects aligned with the West and capable of advancing independently.
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